• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

BDC operators ask FG to ban Binance operations in Nigeria to strengthen the naira

Chike Olisah by Chike Olisah
August 9, 2023
in Business News, Cryptos, Currencies, Spotlight
Naira crash: BDC operators to CBN, allow us provide liquidity in forex market

President of ABCON, Alhaji Aminu Gwadebe,

Share on FacebookShare on TwitterShare on Linkedin

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Federal Government to ban the operations of Binance in the country.

This followed the association’s identification of Binance as one of the major factors putting pressure on the naira.

According to NAN, this advice was given by the President of ABCON, Alhaji Aminu Gwadebe, during an interview on Tuesday in Lagos.

RelatedStories

Naira , dollar, exchange rate

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025

Binance is a global online exchange where users can trade cryptocurrencies on a daily basis. It supports hundreds of the most commonly traded cryptocurrencies.

Binance the most liquid market

Gwadebe, who said that Binance trading is becoming the anchorage of the Investor and Exporters window and the parallel market, noted that the exchange is the most liquid market with 1.2 million transactions per second.

  • He said, “If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate.
  • “So, we have to do something that can stop  Binance. It’s a competition; we need to ban Binance and the only way to do so   is if you have liquidity.
  • “As I speak, Binance is the most liquid market; they do 1.2 million transactions per second. So it’s a very liquid market but that is not a scary status, we can break it through our local content and peculiarities.”

The ABCON president noted that optimism was giving way to pessimism in the present foreign exchange market situation.

Gwadabe said that when pessimism overrode the psychology of the market, it would lead to a loss of confidence by citizens, saying that was key in every currency of every nation.

  • He said, “So we are seeing a scenario where optimism is giving way to pessimism; investors are not coming, Nigerians don’t have confidence in the market and we have to look for external finances that are coming in as a quick fix.
  • “There is a lot of pressure on the naira, from foreign exchange hoarding by the banks and oil companies.
  • ”Is it Nigerians that want to pay school fees, round-tripping, speculations, among others. All these galvanised to put pressure on the naira.
  • “Spike and volatility did not start now, it’s something the present government inherited and has gone a long way in checkmating illegal behaviours around foreign exchange market and that is the objective of the unification.’’

CBN expects remittances from NNPC

Gwadabe expressed hope that with the petrol subsidy removal, the Central Bank of Nigeria would be able to see remittances from the Nigerian National Petroleum Corporation (NNPC) saying when the subsidy began, the remittance to CBN from NNPC was zero.

This, he said, would also allow the apex bank to have liquidity and inflows that would come in for them to be able to defend the naira.

He said If we have a friendly, competitive and transparent system, more investors would want to come to the market.

  • The ABCON boss, ”So, for us to succeed, there must be liquidity. Countries that adopt floating exchange are countries that have heavy reserve and balance of payment to fall back on.’’

He urged the National Assembly to come up with legislation that would protect investors in the market.

No comprehensive list of revoked BDC licences

On revocation of licences of 2,698 BDCs by CBN, Gwadabe discredited the report saying, “as far as I’m concerned that list was not correct and still not confirmed.

  • He said, “The CBN has yet to come out with their comprehensive list. Yes, CBN is reviewing the BDC register with a view to reducing the number but as of now, there is no official list that proscribes or says these are the licensed or unlicensed.
  • “So the statuesque remains the same.’’

The ABCON president said the association had engaged with CBN and had been advised to sensitise its members to know the conditions guiding their operations and their obligations which was to render returns to CBN.

What you should know

  • In a related development, the BDC operators had earlier last month advocated for increased participation and involvement in the foreign exchange market to ensure the success of the new exchange rate policy implemented by the Central Bank of Nigeria (CBN).
  • They expressed dissatisfaction with the CBN’s decision to abolish segments of the official forex market in favour of the I&E window, where the “willing buyer and willing seller” approach was reintroduced.
  • These operators argue that the CBN should collaborate with them, considering that they play a critical role in addressing the retail end of the market and ensuring exchange rate stability in the country’s economy.
  • Aminu Gwadebe had in a chat with Nairametrics, stated that despite the new exchange rate policy by the CBN, the foreign exchange market remains volatile because BDCs are excluded from the I&E window.

Follow us for Breaking News and Market Intelligence.
Tags: Aminu GwadebeAssociation of Bureau de Change Operators in Nigeria (ABCON)BinanceCBNCryptocurrencyNigerian National Petroleum Company (NNPC) Limited
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

Naira , dollar, exchange rate
Currencies

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 
Cryptos

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics
Digital Media

Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics

June 14, 2025
Next Post
CBN , foreign exchange restrictions

Inflation: Nigeria not doing badly compared with other African countries - CBN  

Comments 3

  1. Stan says:
    August 9, 2023 at 12:07 pm

    I don’t buy into these cheap and diversionary blame games; first it was Aboki fx, and now it’s Binance. The government should rather be advised to formulate and genuinely implement policies that would sustainably increase the country’s balance of payments which is currently negative, and to stop overly relying on quick fixes like foreign portfolio investments aka hot money which can disappear as quickly as it comes, as we’ve seen in recent past.

    Reply
  2. Paul says:
    August 9, 2023 at 12:45 pm

    Lol 🤣 so Binance is now their problem.

    Let them ban Binance and let’s see how it goes.

    Banning BINANCE won’t stop Nigeria users using it unless Binance stop operation and accepting Nigerians.

    Nigerians won’t stop trading crypto with or without Binance.

    If they ban Binance operation in Nigeria we will move to another exchange.

    Reply
  3. Ian says:
    August 10, 2023 at 1:28 am

    Spoiler: You cannot ban Binance P2P.
    But you can ban Binance from banking with any bank in Nigeria – this the CBN did long ago, resulting in the astronomical growth of P2P.

    Focus on the real issues, y’all.
    Not looking for sacrificial lambs all in the name of lobbying for your miserable Bureaux de Change association.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • SEC tenure rule: Panic grips capital market operators 
  • Denmark increases salary requirements for foreign workers and residence permits effective July 1 
  • Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 

Follow us on social media:

Recent News

SEC warns Nigerians against investing in Risevest and Stecs  

SEC tenure rule: Panic grips capital market operators 

June 23, 2025
Denmark

Denmark increases salary requirements for foreign workers and residence permits effective July 1 

June 23, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics